The move to bring transparency to the swaps market is a global one, mandated by the governments of the world’s top 20 economies at a summit in 2009. In Europe, it is being handled by a continent-wide regulator. But when it comes to fines, every country in Europe seems to be doing its own thing.

The move to bring transparency to the swaps market is a global one, mandated by the governments of the world's top 20 economies at a summit in 2009. In Europe, it is being handled by a continent-wide regulator. But when it comes to fines, every country in Europe seems to be doing its own thing.